The Bangladesh Government has set its export target for the country’s readymade garment sector at US$32.69bn for fiscal 2019.
Speaking at a press conference in Dhaka last week, Commerce Minister Tofail Ahmed said the sector should expect 6.8% growth on last year, with knitwear expected to contribute $16.15bn, according to the Dhaka Tribune. Around $16.53bn is expected to come from woven products.
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Bangladesh’s export earnings from the readymade garment sector stood at $30.61bn in fiscal 2018, representing growth of around 8.8% on the previous year. Both the export earnings and growth of the garment sector surpassed the government’s target for fiscal 2018. The country’s fiscal year runs from 1 July to 30 June.
Speaking at the briefing last week, Ahmed said: “In the last fiscal year, exports earnings performed well and met the target. All sectors, except leather and leather goods, have shown positive growth.”
Leather and leather goods are expected to produce growth of 3.5% to $1.12bn in fiscal 2019.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Siddiqur Rahman said the target is achievable if the issue of logistical support at Chittagong port is resolved. While Shafiul Islam Mohiuddin, president of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI), has urged the government to concentrate on product diversification.
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